HSY dominated by bulls lifting the market higher throughout the day
The Hershey Company (HSY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HSY ended Thursday at 132.45 gaining $6.31 (5.0%), notably underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 130.79, The Hershey confirmed its breakout through the previous session high after trading up to $2.29 above it intraday.
Daily Candlestick Chart (HSY as at Mar 26, 2020):
Thursday's trading range has been $6.96 (5.52%), that's below the last trading month's daily average range of $9.83. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for HSY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, HSY gained 3.46% on the following trading day.
Prices are trading close to the key technical resistance level at 141.01 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for The Hershey. Out of 663 times, HSY closed higher 50.83% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.77% with an average market move of 0.50%.